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Economy of West Virginia

The Village at Snowshoe Mountain in Pocahontas County. Snowshoe has been ranked as the best overall ski resort in the Mid-Atlantic and South East regions and fourth-best in accommodations on the East Coast.[1] Tourism is a large industry in the state, producing a $13 million daily economic impact.[2]

The economy of West Virginia nominally would be the 62nd largest economy globally behind Iraq and ahead of Croatia according to 2009 World Bank projections,[3] and the 64th largest behind Iraq and ahead of Libya according to 2009 International Monetary Fund projections.[4] The state has a projected nominal GDP of $63.34 billion in 2009 according to the Bureau of Economic Analysis report of November 2010, and a real GDP of $55.04 billion. The real GDP growth of the state in 2009 of .7% was the 7th best in the country. West Virginia's economy accelerated in 2014 with a growth rate of 5.1%, ranking third among the fastest growing states in the United States alongside Wyoming and just behind North Dakota and Texas.[5] In 2021, the state GDP was $72.48 billion, an increase over $69.71 billion in 2021.[6]

Morgantown was ranked by Forbes as the 10th best small city in the nation to conduct business in 2010,[7] then as 73rd in its 2019 "The Best Small Places For Business And Careers" rankings.[8]

West Virginia's unemployment rate in August 2019 was 4.6%, the lowest since the start of the Great Recession.[9] As a result of the COVID pandemic, West Virginia's unemployment rate had risen to 6.1% in December 2020,[10] which, by November 2022, had improved from pre-pandemic levels, reported at 4.1%.[11]

  1. ^ "Aspen of the East?", Dale Leatherman. January/February 2005. Accessed December 11, 2010
  2. ^ "Outdoor pursuits brighten WV’s economic outlook", Tony Rutherford. Graffiti West Virginia. March 31, 2010. Accessed December 11, 2010.
  3. ^ "The World Bank: World Development Indicators database", World Bank. September 27, 2010. Accessed December 11, 2010.
  4. ^ "Report for Selected Countries and Subjects", International Monetary Fund. October 2010. Accessed December 11, 2010
  5. ^ "West Virginia". Bureau of Economic Analysis.
  6. ^ "Real Gross Domestic Product (GDP) of the federal state of West Virginia from 2000 to 2021" Statista.
  7. ^ Long, Alex (November 24, 2010). "Morgantown makes Forbes list again". Charleston Gazette-Mail.
  8. ^ "The Best Small Places For Business And Careers" Forbes, 2019.
  9. ^ COUGHLIN, DARBY; MYERS, MACKENZIE (October 4, 2019). "Has West Virginia's Economy Boomed Since Trump, Justice Took Office?". PolitiFact.
  10. ^ "Unemploymenty Rates by County October 2022" Workforce, West Virginia Dept. of Commerce.
  11. ^ "County Data Release 12/21/22" Workforce, West Virginia Dept. of Commerce.

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